Anxiety about the Federal Reserve’s hawkish pivot eased and the market returned back to a sleepy sideways consolidation mode while volatility receded. The only market-moving event risk this week could be the June U.S. nonfarm payrolls report on Friday.
Economists expect that payrolls have risen by 700K in June after disappointing payrolls growth in April and May. However, while predictions in both previous months were also well above the actual figures, payrolls forecasts must be taken with a grain of salt. The lifting of pandemic-related restrictions in June, however, could have boosted new employment. This means that there could be more upside potential for the U.S. dollar in the run-up to the report.
EUR/USD: The pair stuck in a tight trading range between 1.1975 and 1.1910. Above 1.1980 we may see a test of 1.20 but with potential catalysts lacking, chances are in favor of fresh bearish momentum with the dollar may gaining traction ahead of Friday’s job report. A break below 1.1910 could reignite bearish momentum towards 1.1870 and 1.18.
GBP/USD: After the 1.40-level has proved as a resistance, the focus is on a break below the 1.38-support with a next lower target at around 1.3750.
DAX: Recently, the index didn’t see any significant movements within its uptrend channel. We continue to look at a price range between 15900 and 15400.
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